Foreign banking and foreign assets has been under intense scrutiny and the Foreign Tax Compliance Act (FATCA) passed in March 2010 has complexities many US taxpayers do not quite understand. If you are an account holder with foreign financial institutions you are required, as is your foreign financial institution, to report your foreign assets to the IRS. Offshore bank account holders are required to stay in compliance with the IRS regarding existing accounts and assets. Having a foreign bank account or assets that have not been properly disclosed could expose you to large civil and criminal fines and penalties.

Foreign Bank Accounts and Tax Implications

Foreign banking has been under intense scrutiny over the past several years and the roll out of the Foreign Account Tax Compliance Act (FATCA) provides a new complexity that account holders are still working to understand. Having a foreign offshore bank account or assets that have not been properly disclosed could expose you to large civil and criminal fines and penalties.

With FATCA, the IRS is able to track the opening and closings of foreign accounts. If funds are moved from one bank to another or new funds appear they are going to be looking into where those funds were located before. As you are determining where to move your funds either offshore or back to the United States, you should also be aware of the tax implications. Understanding the tax implications can save you from stress, financial challenges, and possibly an untimely audit in the long run.

Disclosure of Accounts to the IRS

With FATCA the IRS is able to track the opening and closings of foreign accounts. Hiding from them is no longer an option. If funds are moved from one bank to another or new funds appear the IRS will be looking into where those funds were located. At this free webinar, Freeman will discuss determining whether to keep funds offshore or move them back to the United States, and options regarding the various tax implications associated with foreign bank account disclosures. Understanding the options can save stress, financial challenges, and possibly an untimely audit in the long run.

Keeping Foreign Asset Accounts Open

Foreign bank accounts cause a headache at tax time, requiring additional filing procedures depending on the amount held in the foreign account. With the exposure of many Swiss banks aiding Americans in evading their tax responsibilities, foreign accounts are under more scrutiny than ever before. Is the headache and stress worth having funds outside of the United States?

There are many instances where it is advantageous to have foreign assets. FATCA is changing the degree of secrecy associated with foreign funds and banks have increased responsibility to verify that clients are correctly reporting their foreign funds in their US tax returns. Whether or not to keep offshore bank accounts and foreign assets is a complicated decision. Learn as Jeffrey S. Freeman tackles this perplexing question.

Should you keep your foreign bank account? There are many instances where it is advantageous from a tax perspective to have foreign assets. FATCA is changing the degree of secrecy associated with foreign funds and banks have increased responsibility to verify that clients are correctly reporting their foreign funds on their local taxes. Foreign bank accounts cause a headache at tax time, requiring additional filing procedures depending on the amount held in the foreign account.

Join the Taxpayer Webinar

As a seasoned tax lawyer, Jeffrey S. Freeman has successfully represented clients in IRS tax courts on a national level and is thoroughly versed in the ever-changing U.S. tax laws. Please join his free taxpayer webinar to determine the best course of action for your offshore bank account. Everyone is welcome.

Webinar Location:
An email will be sent to you confirming your registration with details on how to attend the webinar through GoToMeeting.

Webinar Recording:
The event will be recorded and made available for playback to all attendees.

Free E-Book: Jeffrey S. Freeman’s e-book will be made available to all attendees.

Whether you have years of experience managing assets overseas or are a novice and would like to more effectively manage your money, there will be information that is applicable to all circumstances.

About Freeman Tax Law

Freeman Tax Law professionally handles all domestic and international tax law matters. At Freeman Tax Law, the attorneys and staff have vast experience with foreign tax compliance, international tax planning, and resolving tax controversies involving offshore banking matters. Freeman Tax Law helps taxpayers and foreign entities become in compliance with laws such as Foreign Account Tax Compliance Act (FATCA), Offshore Voluntary Disclosure Program (OVDP), and Streamlined filing procedure OVDP. In addition to handling complex tax controversies, the Freeman Tax Law team has extensive expertise in assisting clients with wealth management and estate planning.

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